Tuesday’s Futures Setups
Stocks were mixed today,
with the Dow -18 to 9266, the Nasdaq +4
to 1735, and the SPX -2 to 996. OPEC meets on Thursday, but is not expected to
reduce production. Iraqi production is now at 1 million bpd. 10-year notes made
their lowest close in over four months as the economy show signs of improvement.
Long Candidates:
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| Corn ( CU3 | Quote | Chart | News | PowerRating) |
increasing momemtum | up | above Monday’s high |
Hogs got you a day trade on Friday.
Corn may bounce Tuesday — still in a downtrend, though.
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Short Candidates:
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| Gold ( GCQ3 | Quote | Chart | News | PowerRating) |
hitting trendline | down | below Monday’s low |
Gold is hitting a trendline from 2/5/03, and could pause here.
Please note that while there are strong trends, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading with
the main trend is always the highest probability trade.
Be advised that some futures contracts are prone to gaps.
Remember, use stops on all your trades.